Proceed with caution from here.
A lot of this Bullish price action is fomo and leverage.
These positions are not solid and will take profits.
I am not being bearish or spreading FUD i am just looking at the wider market conditions.
I am always Macro Bullish
On July 4th i posted buy BTC at 55.5k and ETH at $3.060 , i purchased more spot on both at these prices.
Spot is to boring for most but i am up 10-15% on both of these in just over a week, i hold a lot of Spot on both and keep buying dips.
Short term i am not so certain of this Bullish Trend.
This short term bullish trend is Fomo around,
- the Trump assassination attemp
- Tump selecting pro crypto J.D Vance as his vice president(if elected)
-news China might unban BTC( this seems unlikely with the Chinese economic struggles).
-Ethereum ETF funds being open to trade as early as next week.
*I have posted before about why the Ethereum ETFs wont have the same effect as BTC and why it could lead to massive short term sell pressure for ETH*
A lot of bullish things led to this short term price action but they will quickly reverse with any bad news.
A short run built on Fomo leverage is not secure.
Crypto still relies on large "risk on" investment.
The wider markets have not confirmed this Bullish trend, the US economic concerns are still key.
The chance of a July interest rate cut has gone up slightly to 8% but overall the S&P500, Gold , Nasdaq, DXY are all still pointing to an economy that has no direction and a recession concern is real.
None of these market have reacted to the "Trump effect" like Crypto has, this is why i say proceed with caution.
I have included charts showing how S&P 500, Gold, DXY started this week(the blue vertical line) as you can see there is no clear direction.
This crypto price action is in a vacuum so we must not get carried away and forget other concerning factors.
Crypto price can be manipulated short term, see USDT attached article.🤔
I would not high leverage long at current prices.
Trade safely
Peace.
